Change in Director / Key Managerial Personnel
Appointments:
- Mr. Anubhav Agarwal (DIN: 02809290) appointed as Additional Director (Non-Executive Non-Independent) effective 5th June 2026
- Mr. Gaurav Kumar Tripathi (DIN: 06372272) appointed as Additional Director (Executive-Non-Independent) effective 5th June 2026
- Mr. Gaurav Kumar Tripathi appointed as Whole-time Director for a term of 3 years from 5th June 2026 to 4th June 2029
- Mr. Piyush Bichoriya (DIN: 10894714) appointed as Additional Director (Non-Executive Non-Independent) effective 5th June 2026
- Mr. Amit Kalra appointed as Chief Financial Officer (CFO) & Key Managerial Personnel effective 5th June 2026
- Ms. Nidhi Dixit appointed as Company Secretary, Compliance Officer and Key Managerial Personnel effective 5th June 2026
Resignations:
- Mrs. Hansaben Dineshsinh Chavada (DIN: 00479509), Non-executive Non-Independent Director, resigned effective close of business hours on 5th June 2026
- Mr. Vijaysinh Dineshsinh Chavda (DIN: 00479413), Whole Time Director, resigned effective close of business hours on 5th June 2026
- Mr. Dineshsinh Bhimsinh Chavada (DIN: 01497977), Non-executive Non-Independent Director, resigned effective close of business hours on 5th June 2026
- Ms. Sangitaben D. Chavda, Chief Financial Officer, resigned effective close of business hours on 5th June 2026
All resignations were submitted "pursuant to change in management" and resignation letters are enclosed as Annexure B.
Director Profiles:
Mr. Anubhav Agarwal: MBA-qualified entrepreneur from a reputed business family with over 15 years of leadership experience in scaling and transforming businesses. Played pivotal role in BN Group's growth into a nationally recognized FMCG enterprise. Provides strategic direction and guidance on capital allocation for the Group's business operations and diversification initiatives, including expansion into Indian renewable energy sector.
Mr. Gaurav Kumar Tripathi: Seasoned management professional with over 17 years of experience in business expansion, strategic planning, and operational excellence across FMCG, retail, and technology sectors. Held leadership positions with Siam Makro, Aditya Birla Fashion & Retail Limited, Gionee Mobiles, and Godfrey Phillips India. Currently leads EPC function at Agastya Energy, overseeing approximately 200 MW of solar projects. Holds master's degree in management with executive education from Indian School of Business, Hyderabad.
Mr. Piyush Bichoriya: Technology leader with over two decades of experience at the intersection of software system optimization and value creation. Graduate in Computer Science and Engineering from Nagpur University. Managed multi-billion-dollar budgets and spearheaded transformative projects across Fortune 50 companies. Pioneer in setting up and leading Solar and technology business for Agastya Energy.
Mr. Amit Kalra: Qualified Chartered Accountant with 20+ years of experience in financial domain. Expert in handling entire gamut of Corporate Finance, Budgeting, Compliance, Fund Raising, Merger & Acquisition.
Ms. Nidhi Dixit: Member of the Institute of Company Secretaries of India (Membership No. ACS A32915) with 13 years of experience as Company Secretary and Compliance Officer at various Listed Entities. Expertise spans across Securities Laws and Companies Act and other Corporate Laws.
Relationships Between Directors:
- Mr. Anubhav Agarwal is related to Mr. Piyush Bichoriya
- Mr. Anubhav Agarwal is not related to any other existing or proposed Directors or Key Managerial Personnel
- Mr. Gaurav Kumar Tripathi is not related to any of the existing or proposed directors
- Mr. Piyush Bichoriya is not related to any other existing or proposed Directors or Key Managerial Personnel except Mr. Anubhav Agarwal
- Mr. Amit Kalra is not related to any Directors or Key Managerial Personnel
- Ms. Nidhi Dixit is not related to any Directors and Key Managerial Personnel
Compliance Status:
All appointed directors are not debarred from holding office by virtue of any SEBI Order or any other such authority.
Key Financial or Operational Approvals
The Board meeting approved the composition changes in accordance with Regulation 24(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, following the successful open offer by BN G Investment LLC and Mr. Anubhav Agarwal. The acquirers deposited 100% of the consideration payable under the open offer in the escrow account in compliance with Regulation 17 of the SAST Regulations.
Strategic or Business Context
The board changes are directly linked to the change in management following the successful open offer under the SEBI SAST Regulations. The new appointments bring expertise from FMCG, retail, technology, renewable energy (solar projects), and financial management domains, suggesting potential strategic diversification beyond the chemical manufacturing business.
Any Other Material Information
- The Company will obtain approval of shareholders for the director appointments within three months from the date of appointment
- The Board Meeting started at 4:00 p.m. and concluded at 5:00 p.m. on 5th June 2026
- The disclosure is made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- Reference made to SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026